In recent years, research and development of a blue or green light emitting diode using a GaN-based semiconductor have been proceeding. In an FU (Face UP) type light emitting diode, that is, one with a structure in which light is extracted from the opposite side of a growth substrate, for example, ITO (Indium Tin Oxide) is used as a conductive layer on a p-type GaN contact layer. Such a conductive layer is required to be excellent in the electrical characteristics, such as volume resistivity and contact resistance, and excellent in processability.